Gold is currently at $1,164.80 (-0.12%) as the Federal Reserve begins its two-day policy meeting later today. Investors are waiting for hints on the timing of rate hike in the U.S.

Most market participants don't expect the Fed to raise rates at this week's meeting, but they will be looking for signs of readiness to do so in December. Fed policymakers' messages suggest that they have been concerned over slow global economic growth and mixed domestic data. That's why some analysts believe that the first rate hike in nearly a decade will not be conducted before 2016.